First Quarter GDP Not as Strong as Originally Thought
The nation's Gross Domestic Product increased to an annual rate of 3% during the first three months of 2010, that's less than the 3.2% original estimate, the Commerce Department reported today.
The first quarter numbers are down from the last three months of 2009, when the gross domestic product rose 5.6%.
From January to March, real gross domestic purchases-purchases by Americans of goods and services wherever they were produced-increased 3.6%, compared to a 5.2% increase during the fourth quarter.
Exports increased 7.2% in the first quarter, compared with 22.8% in the last three months of 2009.
Imports rose 10.4%, compared to 15.8% in the last quarter of 2009.
Consumers paid more for some products. The price index for gross domestic purchases increased 1.7%, compared with the final three months of 2009.
Personal consumption expenditures increased by 3.5%, compared to the 1.6% rate in the fourth quarter.
Residential fixed investment, which includes housing, fell 10.7%, compared with a 3.8% rise in the last quarter of 2009.